NCLAT suggests terms for fresh bidding in Jaypee Infra case, shields buyers

Builder-buyer agreements not to suffer any changes; tribunal says will hear banks on July 22 on exclusion of 250 days from CIRP process

With the banks having rejected state-owned NBCC India’s plan for Jaypee Infratech, the National Company Law Appellate Tribunal (NCLAT) on Wednesday suggested terms for fresh bids to be considered for the latter. One of the primary conditions, the appellate tribunal observed, should be that the builder-buyer agreements that were originally signed must not undergo any changes.

“All the allottees will be given flats according to their builder-buyer agreements. The contract terms cannot be changed. If the allottee is not present, the Committee of Creditors (CoC) will decide on how the flat is to be adjusted,” a two-member Bench of the